e-News for Tax Professionals 2024-37

The IRS is providing tax relief for individuals and businesses in Connecticut, New York and Louisiana that were impacted by severe storms and flooding. Taxpayers now have until Feb. 3, to file various federal individual and business tax returns and make required payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA), and the same relief will be available to any other counties added later to the disaster areas. The current list of eligible localities is available on the Tax relief in disaster situations page on IRS.gov.

2. Upcoming webinars for tax professionals

The IRS offers the upcoming live webinars to the tax practitioner community:

Dealing with disasters from an individual tax perspective on Sept. 26, at 2 p.m. ET. Earn up to one continuing education credit (Federal Tax). Certificates of completion are being offered.
U.S. taxation of stock-based compensation received by nonresident aliens on Oct. 3, at 2 p.m. ET. Earn up to one continuing education credit (Federal Tax). Certificates of completion are being offered.

For more information or to register, visit Webinars for tax practitioners webpage.

3. Technical Guidance

Notice 2024-66 provides relief from the addition to tax under section 6655 for the underpayment of estimated tax by a corporation to the extent the amount of any underpayment is attributable to the revised corporate alternative minimum tax (CAMT) liability under section 55 for any Covered CAMT Year.

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